The volume of Iraqi oil exports under the United Nations
oil-for-food programme remained relatively firm for the second consecutive
week since the start of the current phase IX on 6 December 2000. In the week
ending on 23 March, 16 million barrels of oil were lifted through 12 loadings,
at an average of 2.28 million barrels a day. Of the total loadings, eight were
at Ceyhan and four at Mina al-Bakr terminals. The week’s oil exports raised
an estimated

€347 million
(euros) in revenue at current prices. The average price of Iraqi crude
oil during the week was approximately $19.46 or €21.71 (euros)
per barrel.

In phase IX Iraq has exported 134.7 million barrels of oil, so
far, earning an estimated

€2.9 billion
(euros) in revenue. Since the beginning of the oil-for-food programme on
10 December 1996, Iraqi oil exports have totaled 2,341 million barrels for an
estimated revenue of some $38.6 billion and €2.9 billion
(euros).

During the week, the United Nations oil overseers, on behalf
of the Security Council’s 661 sanctions Committee, approved four more oil
purchase contracts, for four million barrels of Kirkuk crude and five million
barrels of Basrah Light. There are now 133 approved contracts for the lifting of
over 377 million barrels of oil, 225 million barrels of
which are for Basrah Light and 152 million for Kirkuk.

661 Committee-approved prices for the purchase of Iraqi oil
during the month of April are now in place. Iraq sells two types of crude oil -
Kirkuk and Basrah Light to three markets, the United States, Europe and the Far
East.

The total value of contracts placed on hold by the 661
Committee continued to increase in real terms, although it remained relatively
constant at 17 per cent of the value of all contracts circulated to the
Committee. There were 1,676 contracts worth over $3.39 billion on hold. Of
these, 1,124 contracts worth about $2.96 billion were for humanitarian supplies,
while 552 contracts worth $435 million were for oil industry spare parts and
equipment.

During the week, 33 contracts worth $71.3 million were
released from hold by the Committee, while another 33 new contracts worth $112
million were put on hold by the Committee for various reasons.

In phases IV to IX, the Committee has now approved 5,468
contracts worth over $11.5 billion for humanitarian supplies and another 2,410
contracts worth more than $1.3 billion for the purchase of oil industry spare
parts and equipment. The Office of the Iraq Programme (OIP) has notified the 661
Committee of 1,559 contracts worth over $3.7 billion for humanitarian supplies
which have been processed under the “fast track” procedures based on
pre-approved lists, while another 122 contracts worth about $80 million have
also been “fast tracked” for oil industry spare parts and equipment.

As at 23 March 2001, over $2.86 billion and €1.9 billion
(euros) in unencumbered funds were available in the United Nations escrow
account for the issuance of additional letters of credit for the purchase of
humanitarian supplies and oil spare parts and equipment by the Government of
Iraq.